OKLAHOMA CITY -- When the Oklahoma Turnpike Authority named a team of regional firms to sell a $50 million issue set for late this month, out-of-state investment bankers offered a familiar excuse for why Wall Street was shut out of the deal: politics.

"That deal was done before we ever put stamps on our proposals," complained a Dallas-based banker for a Wall Street firm. "You can make the best bid in the world, but you cannot compete against those kinds of political connections."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.